Are you looking to invest in the Hampton Roads real estate market? If so, you are on the right track. Given the current market trends, investing in the Southern Virginia area can be a lucrative decision.
Hampton Roads is a great investment destination for multiple reasons.
Here are some of the reasons to consider investing in Hampton Roads:
- Hampton Roads is home to the largest concentration of military personnel in the country. It's estimated that over 83,000 active military personnel reside in the area.
- Demand for rental housing is on the rise.
- The economy looks vibrant.
- Hampton Roads' natural beauty attracts tourist year-round, especially those interested in hiking and nature trails.
In this article, we will go over the top areas in Hampton Roads that you could consider for your next property purchase. We'll tell you about the most promising cities to simplify your property search in this part of Virginia.
Best Hampton Roads Cities to Buy Real Estate
When looking to make a real estate investment, there are a couple of things you must consider – and among these things is the location. Not all areas in Hampton Roads are the same. Some hold more potential than others.
The following are the best cities for real estate investing in Hampton Roads.
1. Virginia Beach
The Virginia Beach area is one of the best places in Virginia to invest in real estate. Virginia Beach has over 450,000 residents, making it the most populated city in the state.
The rental demand is driven by Virginia Beach's quality amenities, strong job market, and top education system. Additionally, Virginia Beach is home to a large population of military personnel whose families reside in the area.
Not to mention, Virginia Beach attracts many tourist who are looking for short-term rental units.
Chesapeake is home to about 240,000 residents. It's a quaint city located near the Virginia Coast. Residents enjoy living in Chesapeake for its comfortable pace and calm atmosphere.
Residents also enjoy the area's close proximity to the coast, top quality amenities, as well as bountiful scenic attractions.
Furthermore, Chesapeake is home to a quality school district, a vibrant dining scene, and year-round celebrations and festivals.
Whether you enjoy an exciting nightlife, gorgeous parks or a beautiful coastline, Norfolk has it all. In fact, according to Travel + Leisure, Norfolk ranks as one of the country's best places to live.
Residents living in this part of Hampton Roads never run out of things to do. Some of the things you can enjoy in Norfolk include:
- Waterside Festival Marketplace
- Chrysler Hall
- Virginia Opera
- Chrysler Museum of Art
- Harbor Park Stadium
The city is home to 244,601 residents.
Richmond is a vibrant and growing city. It's home to about 226,000 residents. Richmond sits right off I-95, right on the James River.
It's home to a thriving arts and culinary scene, as well as home to some of Virginia's best schools. In fact, the University of Richmond and the Virginia Commonwealth University are in this city.
So, if you're considering investing in student housing, Richmond should be at the top of your list!
5. Newport News
Newport News is another area you should consider investing in. The city is home to about 179,000 people.
Its real estate is among the most coveted thanks to moderate costs of living, beautiful weather, and low unemployment rates.
Of the Seven Cities of Hampton Roads, Suffolk is the biggest city. The economy is driven by farming, distribution, manufacturing, retail businesses, and a variety of hospital businesses.
Beyond the booming economy, Suffolk boast of abundant family-friendly attractions, fine outdoor recreation options, and a vibrant scene filled with arts and culture.
Suffolk is estimated to have a population of about 90,093 people.
Franklin is one of the smaller cities in Hampton Roads with only about 8,000 residents. The city is located 40 miles west of Norfolk and just 9 miles north of the North Carolina border.
Investors find Franklin real estate to be among the most desirable in Hampton Roads for various reasons.
Franklin is near many attractions. For instance:
- An hour's drive to the north is the famous restored Colonial Williamsburg.
- An hour's drive to the south is the fishing and bathing resort area on the Outerbanks of North Carolina.
- Less than an hour's drive to the northwest are the historical attractions of Petersburg and Richmond.
- Less than an hour's drive to the east is Virginia Beach's famous seashore resort.
Seated at the mouth of the Elizabeth River, Portsmouth features an interesting real estate market. The city is perhaps known for being home to the Norfolk Naval Shipyard. This is the oldest and biggest industrial facility belonging to the U.S. Navy.
Some of the buildings in Portsmouth date back to the 1750s – giving the community an air of timeless style.
While Portsmouth is smaller than other cities in Hampton Roads, the city still has tons of activities to offer its residents. Among other things, it features fine shopping and dining options.
The population of Portsmouth is estimated to be 95,097.
In a Nutshell: Best Cities in Hampton Roads
Hampton Roads real estate should be at the top of your list if you're considering investing in Virginia. The economy is vibrant and the population is rising.
As an overview, if you're looking to invest in Hampton Roads, you should consider these cities:
- Virginia Beach
- Newport News
If you are just starting out or simply want to learn more, get in touch with us! Rent Easy has a lot of experience working in the Hampton Roads real estate industry.
For tips on investing in Hampton Roads, read our post here.